Stakeholder Analysis

In any project, it is very difficult to identify all of the organization and people who may have an impact on the project, and all those who may get impacted by the project. Stakeholders are all those who need to be considered in achieving project goals and whose participation and support are crucial for a successful project. Stakeholder can be an individual within the project or within the organization, or a group outside the organization. Following are the types of stakeholders:

• Project Stakeholders
• Business Stakeholders
• Third-party Stakeholders
• Negative Stakeholders

Stakeholder Analysis is a technique used to determine each stakeholder’s interest, influence, participation, expectation of a project. It requires a close look at each stakeholder to gather more in-depth information in order to understand their impacts and involvement and to communicate requirements and preferences. Stakeholder Analysis includes following process:

• Define the shared goals
• Define the stakeholder group
• Analyze the relationships
• Formulate engagement plan

Identifying Stakeholders

In order to rate each stakeholder’s importance and impact on the project, stakeholder analysis is required to carry out. Stakeholder analysis focuses on the stakeholder’s importance to the project, and to the organization, the influence exerted by the stakeholders, plus their participation and expectation.

Benefits of Stakeholder Analysis

A stakeholder analysis can help a project to identify

• The interest of all stakeholders, who may affect or be affected by the project
• Potential issues that could disrupt the project
• Key people for information disturbing during executive phase
• Group that should be encouraged to participate in different stages of the project
• Communication planning & stakeholder management strategy during project planning phase
• Ways to reduce potential negative impacts & manage negative stakeholders

RASIC Matrix

RASIC is Responsible, Accountable, Support, Informed, Consulted. It is a tool or a document used to establish the role of key resources for activities related to a project. In a matrix format, the RASIC lists key resources or stakeholders along the upper X axis and key processes or activities along the left Y axis, associating these two axes and established the correlation between them.

Benefits of RASIC Matrix

• Establish clear relationships between activities and resources
• Define clear responsibilities for each resource
• Provides the necessary input for the communication plan